BEA shares rise amid bid speculation

BEA shares rise amid bid speculation

Shares of BEA Systems were closed flat on Monday after the expiration of bid from enterprise software maker Oracle to acquire BEA.

Shares of BEA Systems were flat at $16.50, while Oracle shares rose 2 percent to $21.77.

Oracle had made a $17-per-share, $6.7 billion bid ended on Sunday. BEA said it found the offer unacceptable but would be willing to apply. Oracle said BEA should not expect a higher priced bid.

Billionaire investor Carl Icahn, who owns more than 13 percent of the stock has criticized BEA's directors for failing to sell the company and said he could start proxy battle for control of the firm if the firm did not sell itself.